UCB will finance Block Medical City, the largest long-term care project In Bulgaria and the region

UCB will finance Block Medical City, the largest long-term care project In Bulgaria and the region

UniCredit Bulbank, a leading financial institution in Bulgaria, will finance the completion of Phase 1 and development of Phase 2 of Blocks Medical City, a fully integrated campus for long-term care and rehabilitation in Sofia, Bulgaria.

Blocks Medical City, a project of Blocks Rehabilitation and Residential Services, is being developed on a land plot of more than 35 decares (approximately 9 acres), in the foothills of Vitosha mountain in one of the best residential neighborhoods of Sofia. The campus will consist of 21 buildings with a total area of 33,000 sq.m. It will cover all the branches of post-acute care including:

  • a 13 single-house family type nursing home;
  • a hospice;
  • a world-class rehabilitation center incl. a 100-bed hospital, a day care center and outpatient center;
  • a memory care (dementia) center incl. a dementia residence and a day care center;
  • three assisted living residences;
  • a community center;
  • a restaurant and 2 cafes;

The nursing home, which will operate under the brand Blocks Village and the hospice are expected to welcome their first residents and patients respectively, on September 1, 2020. The rehabilitation center and the dementia residence should be completed by the end of 2021. The complete campus will host approximately 430 residents/patient and will be the largest integrated post-acute institution in Central and Eastern Europe and Southeast Europe.

 

“The long-term care, long-term rehabilitation and care for elderly is underdeveloped in almost any part of the world, including Bulgaria and our region. We, at Blocks, would like to become synonymous of excellent care for our senior population and bring world-class standards to our facilities”, commented Ilian Grigorov, Founder and CEO of Blocks Rehabilitation and Residential Services.

“The team of UniCredit Bulbank has shown extreme professionalism and dedication to understand and analyze the complex fundamentals of the long-term care industry and support this unique project.”, said Racho Ribarov, MD, Chairman of the Board of Directors of Blocks. 

“In good and bad times, we are here to support business, we are open for business. And while facing together these challenging times, we are happy that our clients rely on us for the execution of their projects. Furthermore, the current crisis put additional focus on the need of investments in healthcare and projects like Blocks Medical City are increasing the level of these needed services and in the country. I believe the project will be successful and beneficial for the whole society”, commented Raluca Popescu, Head of Corporate, Investment and Private Banking and Member of the Management Board of UniCredit Bulbank. 

About Blocks Rehabilitation and Residential Services:

Blocks Rehabilitation and Residential Services EOOD, was founded in Bulgaria in 2018 with the purpose of developing a platform for investing in rehabilitation and long-term care services in Bulgaria and Southeast Europe. It operates under the umbrella brand Blocks and several other brands incl. Blocks Rehabilitation, Blocks Residences, Blocks Village, Blocks Hospice and Blocks Hospital. The vision of the founding shareholders is for Blocks to become the leading provider of highest quality, world-standard rehabilitation and long-term care services in Bulgaria and the region.

About UniCredit Bulbank:

UniCredit Bulbank is a leader on the Bulgarian banking market with strong positions in terms of assets, loans to businesses and households, deposits of companies and individuals, share capital and other indicators. The bank is also at the forefront in terms of profitability and efficiency indicators. The bank is part of UniCredit, whose clear and long-term strategy is to be a successful pan-European commercial bank. The group has strong local and international experience, which it shares with its clients through leading banks in 13 major markets in Europe: Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia. Through its international network, UniCredit serves customers in 18 more countries around the world.


Additional media information:

Ekaterina Ancheva, tel +359 (0) 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch

Beatris Nikolova, tel +359 (0) 2 9232 528, cfbusjt/ojlpmpwbAvojdsfejuhspvq/ch

Victoria Blajeva, tel +359 (0) 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch